Exxon and Hunt’s lawsuit rejected

The International Arbitration Court rejected on Monday a lawsuit filed by the Yemeni Company for Explorations and Production (YCEP), owned by the American Exxon Mobil and Hunt companies, against the Yemeni government. The lawsuit was related to the alleged extension for five years of a production sharing agreement in the oil block “Safir” after the agreement defined for 20 years.

The international arbitration body, approved in its judgment issued on Monday that the production sharing agreement concluded between the YCEP, owned by Exxon Mobil and Hunt cos. and Yemen expired practically on 14 November, 2005.
 
The verdict stipulated rejection of the lawsuit on the alleged extension of the agreement for other five years after the end of the agreement period. The Yemeni government supported its commitment to the judgment of the International Chamber of commerce Court No. 122.

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